Today the economic calendar is mostly empty due to the Thanksgiving holidays in the US.
A possible trade opportunity can be brought by the European central bank monetary policy meeting accounts, which will contain a detailed record of the recent ECB monetary policy meeting and can provide some hints on the economic conditions and possible changes to the interest rate in future. However, Italian budget headlines will remain a market mover today.
As for the British pound, alongside with more news on Brexit, we expect the speech from the Bank of England's Michael Saunders at 22:55 MT.
Please, note, that on November 22nd and 23rd due to Thanksgiving celebration the trading schedule for metals and American futures will be changed. Trading for gold, silver, Palladium, Platinum will be closed at 20:00 MT. Please, keep these changes in mind when planning your trading sessions. Do not hesitate to contact the FBS Support team in case you have any questions.
Let’s look at the charts.
Yesterday, the European Commission rejected the proposed Italian budget. However, Italy announced a discussion of possible changes to its budget. That resulted in forming an inverted hammer candlestick, which can mean a reversal. This can signal the rise of EUR/USD. More positive news from Italy can help the EUR to gain towards the resistance at 1.1487. If the uncertainties appear, EUR/USD will fall to the support at 1.1350.
GBP/USD is trading sideways ahead of the EU summit on the 25th of November with the strong resistance at the central pivot at 1.2874. Yesterday’s negotiations showed the weak sides of the Brexit deal. Moreover, Irish border and Spanish comments on Gibraltar still trigger the sides. If more positive news on Brexit is released, the pair will rise to the 1.2874 level. Otherwise, it will fall towards the support at 1.2677
